Essex Property Trust, Inc. (NYSE:ESS) Expected to Earn FY2021 Earnings of $12.44 Per Share

Essex Property Trust, Inc. (NYSE:ESS) – Research analysts at KeyCorp raised their FY2021 earnings estimates for shares of Essex Property Trust in a note issued to investors on Monday, October 11th. KeyCorp analyst A. Wurschmidt now anticipates that the real estate investment trust will earn $12.44 per share for the year, up from their prior estimate of $12.26. KeyCorp currently has a “Overweight” rating and a $349.00 target price on the stock. KeyCorp also issued estimates for Essex Property Trust’s Q4 2021 earnings at $3.22 EPS, Q1 2022 earnings at $3.33 EPS, Q2 2022 earnings at $3.46 EPS, Q3 2022 earnings at $3.57 EPS and Q4 2022 earnings at $3.61 EPS.

A number of other research firms have also commented on ESS. Truist Securities increased their price target on Essex Property Trust from $327.00 to $337.00 and gave the company a “buy” rating in a research report on Wednesday, August 25th. Morgan Stanley increased their price target on Essex Property Trust from $344.00 to $350.00 and gave the company an “equal weight” rating in a research report on Thursday, August 5th. Barclays started coverage on Essex Property Trust in a research report on Wednesday, September 1st. They issued an “equal weight” rating and a $335.00 price target for the company. Piper Sandler increased their price target on Essex Property Trust from $340.00 to $390.00 and gave the company an “overweight” rating in a research report on Wednesday, September 1st. Finally, Mizuho raised Essex Property Trust from a “neutral” rating to a “buy” rating and raised their target price for the company from $333.00 to $360.00 in a research report on Wednesday, September 29th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $323.22.

NYSE ESS opened at $333.16 on Wednesday. The firm has a market capitalization of $21.67 billion, a P/E ratio of 53.39, a PEG ratio of 8.74 and a beta of 0.73. The business has a fifty day simple moving average of $324.34 and a 200 day simple moving average of $309.45. Essex Property Trust has a 12 month low of $186.30 and a 12 month high of $337.43. The company has a current ratio of 1.86, a quick ratio of 1.86 and a debt-to-equity ratio of 1.00.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Thursday, July 29th. The real estate investment trust reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $2.99 by ($1.99). Essex Property Trust had a net margin of 27.99% and a return on equity of 6.32%.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 15th. Investors of record on Thursday, September 30th will be issued a $2.09 dividend. This represents a $8.36 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend is Wednesday, September 29th. Essex Property Trust’s dividend payout ratio (DPR) is currently 65.21%.

In other Essex Property Trust news, Director Thomas E. Robinson sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, August 31st. The stock was sold at an average price of $329.30, for a total value of $823,250.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Byron A. Scordelis sold 9,412 shares of the firm’s stock in a transaction dated Monday, August 2nd. The stock was sold at an average price of $329.89, for a total value of $3,104,924.68. The disclosure for this sale can be found here. In the last three months, insiders sold 26,570 shares of company stock valued at $8,770,152. 3.80% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. CX Institutional boosted its position in shares of Essex Property Trust by 17.9% during the 2nd quarter. CX Institutional now owns 204 shares of the real estate investment trust’s stock valued at $61,000 after acquiring an additional 31 shares during the last quarter. RB Capital Management LLC lifted its position in Essex Property Trust by 1.4% in the 2nd quarter. RB Capital Management LLC now owns 2,303 shares of the real estate investment trust’s stock worth $691,000 after buying an additional 31 shares during the last quarter. MML Investors Services LLC lifted its position in Essex Property Trust by 3.3% in the 2nd quarter. MML Investors Services LLC now owns 1,019 shares of the real estate investment trust’s stock worth $306,000 after buying an additional 33 shares during the last quarter. WINTON GROUP Ltd lifted its position in Essex Property Trust by 3.1% in the 2nd quarter. WINTON GROUP Ltd now owns 1,127 shares of the real estate investment trust’s stock worth $338,000 after buying an additional 34 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its position in Essex Property Trust by 1.9% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 1,839 shares of the real estate investment trust’s stock worth $552,000 after buying an additional 34 shares during the last quarter. Hedge funds and other institutional investors own 92.48% of the company’s stock.

About Essex Property Trust

Essex Property Trust, Inc operates as a real estate investment trust. It engages in the ownership, operation, management, acquisition, development, and redevelopment of predominantly apartment communities. The company was founded by George M. Marcus in 1971 and is headquartered in San Mateo, CA.

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Earnings History and Estimates for Essex Property Trust (NYSE:ESS)

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